You can’t make this stuff up in your wildest dreams. Coindesk reported a law firm filed a class action against pump.fun, representing token purchasers that lost money buying tokens issued on the platform. They argue that any token on pump.fun is an illegally-issued security without SEC approval, and pump.fun is a joint issuer. They also argued any token without pump.fun pumping is worthless. To make the point, THEY ISSUED A TOKEN THEMSELVES: $dogshit2 and earned 0.5 sol from it.
Coindesk article: https://www.coindesk.com/policy/2025/01/30/pump-fun-hit-with-proposed-class-action-lawsuit-alleging-securities-violations
Court document showing the law firm created the token under username bigbl (see step 10): https://storage.courtlistener.com/recap/gov.uscourts.nysd.635209/gov.uscourts.nysd.635209.1.4.pdf
This is the token link to the username bigbl: https://pump.fun/coin/BXebtR4k2WiaZ1HJmxcZkoCdxSBx1g1xnEpVra9Ppump
Now this token has been fluctating between 2M and 4M in the last several days. You can clearly see the irony here. In the coming days, weeks, and months, we can anticipate headlines from crypto media such as:
“THE worthless token is now worth $3 million”
“Law firm issued token and sued itself for illegally issuing security”
If someone has connection to coindesk and other medias, please forward the links above. Those links speak for themselves and are verifiable.
submitted by /u/Moirailogist
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